New York Estate Tax Calculator

	A	B	C	D	E	F	G	I
1	New York State Estate Tax Calulator
2	This spreadsheet calculates the New York State Estate Tax, but more importantly illustrates the reason for putting a Santa Clause in one's will if they live in New York State.
3	The spreadsheet uses the state exclusion and the tax table as inputs, and it can be used to help fill out New York form ET-706.
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5	Exclusion	$6,940,000	This is the exclusion for New York State in 2024, but it can be changed.
6			The exclusion for estates of individuals who pass away in 2025 is $7,160,000.
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8	The tax table below is for 2024, but it can be updated as necessary. Columns 1, 3 and 5 of the tax table are used as inputs in the tax and graph calculations below the table.
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10	The "Tax" Table (the word "tax" is in quotes because this table is used to find the tax, but it ignores the exclusion so it is not actually calculating what is owed).
11	Col. 1		Col. 3		Col. 5
12	If the taxable estate is over	but under	then the "Tax" is	plus	percentage	percent of the taxable estate over	amount
13	$0	$500,000	$0	plus	3.06	percent of the taxable estate over	$0
14	$500,000	$1,000,000	$15,300	plus	5.00	percent of the taxable estate over	$500,000
15	$1,000,000	$1,500,000	$40,300	plus	5.50	percent of the taxable estate over	$1,000,000
16	$1,500,000	$2,100,000	$67,800	plus	6.50	percent of the taxable estate over	$1,500,000
17	$2,100,000	$2,600,000	$106,800	plus	8.00	percent of the taxable estate over	$2,100,000
18	$2,600,000	$3,100,000	$146,800	plus	8.80	percent of the taxable estate over	$2,600,000
19	$3,100,000	$3,600,000	$190,800	plus	9.60	percent of the taxable estate over	$3,100,000
20	$3,600,000	$4,100,000	$238,800	plus	10.40	percent of the taxable estate over	$3,600,000
21	$4,100,000	$5,100,000	$290,800	plus	11.20	percent of the taxable estate over	$4,100,000
22	$5,100,000	$6,100,000	$402,800	plus	12.00	percent of the taxable estate over	$5,100,000
23	$6,100,000	$7,100,000	$522,800	plus	12.80	percent of the taxable estate over	$6,100,000
24	$7,100,000	$8,100,000	$650,800	plus	13.60	percent of the taxable estate over	$7,100,000
25	$8,100,000	$9,100,000	$786,800	plus	14.40	percent of the taxable estate over	$8,100,000
26	$9,100,000	$10,100,000	$930,800	plus	15.20	percent of the taxable estate over	$9,100,000
27	$10,100,000	...	$1,082,800	plus	16.00	percent of the taxable estate over	$10,100,000
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29	To use the tax table directly, enter a taxable estate amount below. The Tax Table Value below is the "tax" value from the table (but may not be the tax owed).
30	Taxable Estate	$5,101,000
31	Tax Table Value	$402,920	The tax owed is 0 if the taxable estate is less than exclusion. The tax owed is smaller than the amount to the left if the taxable estate is between the exclusion and 1.05 times the exclusion. This is tax owed is the amount to the left for larger estates.
32	The formula for the tax table value uses the vlookup function and columns 1, 3, and 5 of the tax table. It uses col. 1 to lookup the row and computes the "tax" as col. 3 plus col. 5 times the taxable estate that is in excess of col. 1.
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34	Filling in New York State Tax Forms				Graphing the estate tax
35	Enter the taxable estate below to see the "tax", the credit, and the tax owed.				The graph below illustrates the New York estate tax cliff
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37	Line 1	Taxable Estate	$7,100,000
38	Line 2	NY Estate tax	$650,800
39	Line 3	Credit	$253,360
40	Line 4	Tax owed after Credit	$397,440
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42	Worksheet - Credit Calculation
43	Line 1 (Taxable Estate)		$7,100,000
44	Line 2 (Exclusion)		$6,940,000
45	Line 3 (Amt over Exclusion)	Line 1 less line 2	$160,000
46	Line 4	5% of exclusion	$347,000
47	Line 5	Line 3 / Line 4	46.11%
48	Line 6	One less line 5	53.89%
49	Line 7 (Partial Exclusion)	Line 2 times Line 6	$3,740,000
50	Line 8	Tax Credit	$253,360
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52	If the will contains a Santa Clause, then the taxable estate will be reduced (though gifts to charity) if it increases the inheritance. Whenever the Santa Clause can be exercised profitably, it will reduce the taxable estate to exactly the exclusion and reduce the tax owed to $0.
53	As shown in the first graphs below, the amount inherited may actually fall as the size of the taxable estate rises if a Santa Clause is not included in the will. The second graph shows how giving to charity can increase you inheritance.
54	The two graphs below have the horizontal and vertical range set to $6 million to $8 million to focus on the cliff. These ranges can be changed by editing the graph settings.
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93	The data used for to create the graphs is list below.
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95	Taxable Estate	Estate Tax	"Exclusion"	Credit	Tax Owed	Inheritance w/o Santa Clause	Inheritance with Santa Clause	The Santa Clause gives an inheritance equal to the exclusion if the taxable estate is larger than the exclusion, and if this is bigger than the inheritance without the Santa Clause.
96	$0	$0	$145,740,000	$22,785,200	$0	$0	$0
97	$10,000	$306	$145,540,000	$22,753,200	$0	$10,000	$10,000
98	$20,000	$612	$145,340,000	$22,721,200	$0	$20,000	$20,000
99	$30,000	$918	$145,140,000	$22,689,200	$0	$30,000	$30,000
100	$40,000	$1,224	$144,940,000	$22,657,200	$0	$40,000	$40,000